Stein-Mart March same-store sales well ahead of target

NEW YORK (CBS.MW) -- Stein-Mart
SMRT, +4.83%
said March same-store sales are currently tracking well ahead of its 4 to 5 percent target growth range. The retailer said if sales hold up through Easter and ease off after that as expected, it could generate high single-digit same-stores sales growth for the quarter and earnings of 15 to 17 cents a share. The average estimate of analysts polled by Thomson First Call is for earnings of 10 cents for the quarter. The company gave the outlook as it reported earnings of $13.9 million, or 33 cents a share, in the fourth quarter, up 33.4 percent from $10.4 million, or 25 cents a share, a year ago. The result is 2 cents ahead of the Thomson First Call average. Sales edged up to $410.2 million from $406.3 million. Same-store sales rose 1 percent. Shares ended Wednesday up 2.8 percent at $12.59.

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